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PayPal vs Wirecard: What are the differences?
1. Ownership and History: PayPal, founded in 1998, is an American company that offers online payment solutions worldwide. It was initially part of eBay but became a separate company in 2015. On the other hand, Wirecard, founded in 1999, is a German payment processing company. Wirecard focuses on providing digital financial technology and mobile payment services.
2. Services Offered: PayPal mainly offers a secure online payment system, allowing individuals and businesses to send and receive money electronically. It also provides payment solutions for e-commerce websites and facilitates international transactions. Wirecard, in addition to payment processing services, offers a range of digital financial services, including mobile banking, prepaid cards, and e-wallet solutions.
3. Global Reach: PayPal has a vast global reach, operating in more than 200 countries and supporting multiple currencies. It has built a strong presence in the online marketplace, making it widely accepted by merchants and consumers alike. Wirecard, although operating globally, has a relatively smaller presence compared to PayPal. It focuses on providing services to merchants and businesses across Europe and Asia.
4. Growth and Market Value: PayPal has experienced significant growth since its inception and is recognized as a leader in the online payment industry. It has a considerably higher market capitalization compared to Wirecard, making it a more established and influential player. In contrast, Wirecard has faced financial scandals and controversies in recent years, leading to a decline in its market value and trust among investors and customers.
5. Security and Fraud Protection: PayPal is known for its robust security measures and fraud protection systems, putting strong emphasis on customer safety. It offers buyer protection and helps resolve disputes between buyers and sellers. Wirecard also provides security measures; however, its reputation has been affected by the financial irregularities and accounting fraud that emerged in 2020, raising concerns about its reliability.
6. Integration and Developer Tools: PayPal offers various integration options for developers, including APIs and SDKs, making it easier for businesses to integrate payment solutions into their websites and applications. It provides extensive developer documentation and resources for seamless integration. Wirecard also offers integration tools for developers; however, its focus on digital financial services makes it differ in terms of the specific tools and solutions provided.
In summary, PayPal and Wirecard have notable differences in ownership and history, services offered, global reach, growth and market value, security and fraud protection, as well as integration and developer tools. While PayPal is a well-established American company with a broad range of payment services and a global presence, Wirecard is a German payment processing company specializing in digital financial technology. Despite similarities in some areas, such as security measures, PayPal's reputation and market influence are generally stronger compared to Wirecard.
We use GoCardless to simplify the way clients and partners pay for our services. What intrigued us is the quick and easy ACH feature that gives our clients the option to log in with their bank account and shoot the funds directly to our account. The fee, compared to Stripe is less. Stripe and PayPal charge 2.9% + 30c and Stripe also forces the client to enter in all of their payment details manually and then if the payment doesn't work, the client has to try all over again. GoCardless charges 1% + 25c which is much more reasonable dealing with the large projects that we are currently working on.
We integrate GoCardless with Xero to easily send out quick invoices, receive the funds and track all revenue in one place.
Pros of PayPal
- Most known service196
- Consumers know it135
- It's available for many countries113
- Easy70
- Best way to get paid outside US54
- Most widely used payment processor35
- Express Checkout25
- Consumers trust it16
- Flexible and secure15
- Digital Goods for Express Checkout6
Pros of Wirecard
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Cons of PayPal
- Not well written recurring payment api1
- Less countries supported1
- Harder to get started with1